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Some of the best new vehicle loans to get you on the road post-lockdown

Some of the best new vehicle loans to get you on the road post-lockdown

The number of new vehicles purchased in September 2021 increased by 21% compared to the same period last year, climbing to 83,312 cars sold.

The latest figures from the Federal Chamber of Automotive Industries (FCAI) indicate that despite heavy pandemic-related restrictions across Australia and a global microprocessor shortage, there is still strong demand for new vehicles.

Federal Chamber of Automotive Industries Chief Executive Tony Weber said: “To see an increase of 21 per cent on 2020 figures is definitely encouraging news.”

“For many manufacturers it is bittersweet with the knowledge of what could have been achieved in a normal trading environment,” said Mr Weber.

Victoria recorded a major increase of 96% of new vehicles sold in September 2021 compared to September 2020. Meanwhile New South Wales and the ACT saw decreases of 8% and 35% respectively.

However, as New South Wales and the ACT begin to exit lockdowns, residents who’ve been contemplating purchasing a new vehicle may drive these numbers higher over the remainder of 2021.

If you’re considering purchasing a new vehicle and are seeking financing, you’ll want to ensure you do your research and choose the most competitive car loan option.

RateCity has thankfully done the hard work for you with the RateCity Leaderboards. Our leaderboards rank car loans in the marketplace using our Real Time RatingsTM system.

Unlike other rating systems that grade their products once or twice a year, Real Time RatingsTM results are calculated in real time. This means you get the most up-to-date rating for your comparison. Each car loan is given a score out of five stars, based on loan costs and flexibility.

(Rankings are correct at the time of publishing. Please note lenders may trade places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.)

Top ranking new car loans

Whether you’re looking to explore Australia with a 4WD or upgrade the family car, a new vehicle loan may help you on your journey.

Top ranking green car loans

Electric and Plug-in Hybrid Vehicles are a competitive option to consider if you’re hoping to reduce your carbon emissions and opt for an environmentally friendly new car. If you need financing to nab the green car of your dreams, you may want to consider comparing green car loans.

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This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

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